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Detroit Metro Area Legal Blog

Estate planning tips for new and expecting parents

Expecting parents and new parents frequently have many discussions about the futures of their children. It can be exciting to choose the name of a baby. Dreaming about high school graduation, college and the opportunities for the future are exciting times. There are other topics expecting parents and new parents struggle with. Potential changes to work schedules, managing and financing day care and adjusting the household budget to provide for a new child are common concerns.

Parents-to-be and parents of newborn children may understand the need to plan for the care of a child if both parents are involved in an accident or other tragedies arise that make it impossible for mom and dad to continue to raise the child. Unfortunately, estate planning is often an uncomfortable topic for people to address. Only 36 percent of parents of children younger than 18 have any estate planning documents in place, according to Wealth Management and Caring.com.

Should you just leave an inheritance to your special needs child?

Most Michigan parents who have special needs children work tirelessly to provide and care for their children. They often give up much of their lives and resources for their children without question or hesitation. If you are one of those parents, you may also want to ensure your child's continued support after your death.

However, you should think twice before leaving an inheritance directly to your child. Most special needs children receive, or could receive, much needed assistance through government agencies. Whether that support comes in the form of money or programs, he or she must meet certain qualifications in order to receive benefits. The value of your child's assets often comes into play, and exceeding a certain threshold could jeopardize your child's receipt of benefits.

Sorry, Nobody Wants Your Parents' Stuff

Advice for boomers desperate to unload family heirlooms

By Richard Eisenberg

After my father died at 94 in September, leaving my sister and me to empty his one-bedroom, independent living New Jersey apartment, we learned the hard truth that others in their 50s and 60s need to know: Nobody wants the prized possessions of your parents - not even you or your kids.

Admittedly, that's an exaggeration. But it's not far off, due to changing tastes and homes. I'll explain why, and what you can do as a result, shortly.

The Stuff of Nightmares

So please forgive the morbidity, but if you're lucky enough to still have one or more parents or stepparents alive, it would be wise to start figuring out what you'll do with their furniture, china, crystal, flatware, jewelry, artwork and tchotchkes when the mournful time comes. (I wish I had. My sister and I, forced to act quickly to avoid owing an extra months' rent on dad's apartment, hired a hauler to cart away nearly everything we didn't want or wouldn't be donating, some of which he said he'd give to charity.)

Protecting Grandma - Institute of Gerontology tools to fight financial exploitation

By: Leslie Mertz

Will knew something was wrong as soon as he heard his mother's shaky message on his phone. When he got to her apartment, he found her sitting in a chair -- a lost look on her face and a bank statement in her lap. She blinked up at him and in a tiny voice said, "I'm sorry. Your father and I saved and saved, so we could leave something for you and your babies, and now it's all gone. I'm so ashamed."

Will started to go through her records, and saw that someone had repeatedly taken advantage of his mother's trusting nature and slightly slipping mental sharpness, and drained her bank account dry in just three short months. His mind started to spin: How far behind is she in her bills? How will she pay for her living expenses, let alone her medications? Will she have to move out of her house and into his? Can he afford that?

Avoiding mistakes when buying a residential property

Buying a home can be a wonderful step for your family, but purchasing real estate can be an arduous and complicated process. From inspections to transferring the title, there are many steps before you can take ownership and move into your new Michigan home. Due to the complicated and expensive nature of this process, it is important to make every effort to avoid common mistakes and pitfalls.

What if estate planning benefited you now and later?

Many people delay writing a will. Perhaps it's due to fear of the unknown, or anxiety at the thought of the end of life. It's understandable. You may have thought about what you'd like to happen when you die, but you're afraid to put it in writing because it feels too serious or final. Even if you're middle-aged, you might still be putting it off. Isn't estate planning for "old people"?

Yet for those who haven't yet created a will or living trust, there are a dozen reasons to do so. One way to look at it is that once you take the step, you'll be able to put a lot of worries about the future to rest.

What will happen to your digital afterlife?

In past generations, family members, fiduciaries and other individuals often had to scour through safe-deposit boxes, desks and boxes to gather documents and photos left behind by a loved one. As our culture continues to move further away from paper toward a paperless society, more and more assets and memories are stored in the cloud. Our digital lifestyle has made it vital for individuals to address digital assets in estate planning documents, such as a will and powers of attorney.

Michigan Law Allows You To Define Access To Your Digital Afterlife

Many digital accounts hold assets that may be sentimental in nature, or financially important. In this digital age, Michigan law provides authority under the Fiduciary Access to Digital Assets Act (FADAA). Estate planning attorney Howard H. Collens recently appeared on WXYZ-TV in Detroit to discuss how individuals can address their digital legacies should they become incapacitated or pass away.

Should your estate make room for frozen embryos?

When most people hear the phrase "estate plan," they usually associate the task of allocating assets, assigning executors and beneficiaries, and establishing trusts to elderly folks with money. What is actually the case is that most individuals who have assets benefit from developing an estate plan. In the past, drawing up a list of assets and property could involve cars, sentimental items, a house or money saved in a banking account.

If you have been following our blog, you know that the items that can be included in an estate plan today vary from tangible to the conceptual, located in a deposit box or an online account. Due to the law's ever-evolving recognition of what constitutes an asset, estate plans may need to be updated to reflect the variety of assets an individual possesses. The same can be said for the diverse set of beneficiaries that can be referenced in the documents that constitute an estate plan.

Understanding tax deeds and quiet title actions in Michigan

The residential and commercial real estate markets in Detroit, and throughout Michigan, have been taken on a proverbial roller-coaster ride in recent years. Despite past turmoil, investing in real estate remains a vital interest for homeowners, investors and businesses alike. Protecting financial interests in any real estate investment is critical. With many properties changing hands due to tax liens foreclosure, mortgage foreclosure and multiple investment transactions, the risk of finding a cloud on the title to a specific piece of property is real.

Sales Of Foreclosed and Tax-Forfeited Properties Remain High In Michigan

Sales of tax-forfeited properties and foreclosed properties increased dramatically following the real estate market meltdown in 2007, according to MiBiz. The upward trend has continued, creating an increase in property available through tax auctions each year. Investors, future homeowners and businesses can often purchase real estate at low cost in a tax auction. These transactions, however, can be more complex than a more traditional real estate transaction. Notably, the Foreclosing Governmental Unit (FGU) will typically transfer the property through a quit-claim deed, providing the buyer with whatever title the FGU held - which could include a variety of defects that cloud the title.

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